Vancouver, British Columbia, September 6th, 2017. Newport Exploration Ltd (“Newport” or “the Company”) is able to provide an update on exploration activities on ex PEL 91 in the Cooper Basin, Australia on which the Company has a 2.5% gross overriding royalty. This information was reported by Beach Energy Ltd (“Beach”) in a news release dated September 6th, 2017, and reference should be made to Beach’s news release and their website for their interpretation of results and plans to bring wells into production.
Beach report it commenced its FY 2018 operated Birkhead oil exploration and appraisal campaign. The Birkhead Formation is a proven oil reservoir in Western Flank fields, however has not been subjected to playwide, focused exploration and appraisal. The FY 2018 program aims to establish commerciality and size of existing discoveries, appraise field extensions, discover new accumulations and design cost effective development programs.
The first of up to three vertical exploration wells, Donington-1, was drilled to appraise a potential southern extension of the Kangaroo-1 discovery. The well intersected oil shows in the Birkhead Formation, however reservoir quality was insufficient for commerciality. The well was subsequently side-tracked to target seismic attributes further north. Similar reservoir quality was encountered and the well was plugged and abandoned. Results will be integrated with existing well control and production data to determine locations for up to three geo-steered horizontal appraisal wells in the second half of FY 2018.
The second vertical well of the campaign, Goldsmith-1, is being drilled to test a potential northern extension of the Kangaroo-1 discovery. At month-end, Goldsmith-1 was drilling ahead at 1,435 metres.
The Company continues to strongly encourage shareholders and potential investors to access information released independently by Beach and Santos Ltd to keep current during exploration, development and production of all the licences subject to the Company’s gross overriding royalty.
For further information contact:
Ian Rozier, Director and Chief Executive Officer
+1 604 685 6851
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this news release.
Cautionary Statement on Forward-Looking Information
This news release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “should”, “could”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar), and the future development of the Company’s project. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation including the risk of obtaining necessary licences and permits,, taxation, controls, regulations and political or economic developments in Canada, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies may affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.